Frequently Asked Questions

Renowned Lending Group is a UK-based credit broker, authorised and regulated by the FCA (FRN 712345). Since 2012, we've helped over 50,000 customers find the right loans, mortgages, and debt consolidation solutions by comparing products from 50+ lenders.

Yes, Renowned Lending Group is authorised and regulated by the Financial Conduct Authority (FCA register number: 712345). This means we operate under strict guidelines to ensure fair treatment of customers and transparency in our services.

Initial consultations and eligibility checks are completely free. For some loan products, there may be a broker fee (typically £499-£999) which we'll discuss and agree with you upfront. Many lenders pay us commission, so in some cases there's no fee at all. We're transparent about all costs before you proceed.

We receive commission from lenders when you take out a product through us. This commission doesn't affect the rate you're offered. In some cases, we may charge a broker fee, which we always disclose upfront. Our income never impacts the advice we give.

No. We use a soft search that is invisible to other lenders and does not impact your credit score. Only when you proceed to a full application will a hard search be performed, which may be visible on your credit file.

Requirements vary by lender and product. We work with lenders who accept a range of credit scores. For the best rates, a score of 700+ (fair/good) is ideal. However, we also have specialist lenders for poor credit (scores below 600) who consider your overall circumstances.

Yes. We have specialist lenders who consider applicants with bad credit, CCJs, defaults, or late payments. For secured loans (using your home as collateral), lenders may be more flexible. For unsecured loans, you may need a guarantor or pay a higher interest rate.

This depends on the product:

• Personal loans: £1,000 – £50,000
• Secured loans: £10,000 – £250,000
• Business loans: £5,000 – £500,000
• Debt consolidation: £1,000 – £100,000
• Mortgages: typically up to 4-5x your annual income

Personal loans are flexible. Common uses include car purchases, home improvements, weddings, holidays, or debt consolidation. Some lenders may have restrictions, but most are for any legal purpose. You cannot typically use them for business purposes or further secured lending.

Personal loan rates start from 5.9% APR representative. Your actual rate depends on your credit profile, loan amount, and term. We compare 50+ lenders to find you the most competitive rate available for your circumstances.

Once approved and you've signed the agreement, funds are usually transferred the same working day. Many customers receive the money within hours. Some lenders offer faster transfers for an additional fee.

A secured loan (also called a homeowner loan) uses your property as collateral. This means the lender has a legal charge on your home, which allows them to offer lower interest rates and higher borrowing amounts. However, your home is at risk if you don't keep up repayments.

Most lenders require at least 10-15% equity in your property. Some may accept less, but rates may be higher. Equity is the difference between your property's value and any existing mortgage.

Yes, most lenders require a basic valuation to confirm your property's value and your available equity. We'll arrange this for you, often at no cost, or the fee may be added to your loan.

Yes, we work with lenders who specialise in startup funding. You'll typically need a solid business plan, cash flow projections, and some initial trading or personal investment. Some lenders require 6-12 months of trading history, but we have options for brand new businesses too.

Typically you'll need:

• Business accounts (last 1-3 years)
• Cash flow forecasts
• Business plan
• Personal identification and address proof for directors
• Bank statements

Yes. We have lenders who consider the overall health of your business rather than just personal credit scores. A secured business loan (using assets) may also be possible. Interest rates may be higher, and you might need a larger deposit or guarantor.

Typically 5-10% of the property price. A larger deposit (15-40%) gives access to better interest rates. We have 95% mortgage options (5% deposit) available, including government-backed schemes like Help to Buy where applicable.

Most lenders offer 4-5 times your annual income. For joint applications, it's usually combined income x 4-5. Some lenders offer higher multiples for certain professions (doctors, lawyers, accountants) or larger deposits. Affordability also depends on your outgoings and credit history.

Yes. We have specialist lenders who consider applicants with CCJs, defaults, or late payments. The interest rate may be higher, and you'll likely need a larger deposit (15-25%). The age and severity of credit issues also matter.

You'll need to budget for:

• Solicitor/conveyancing fees (£500-£1,500)
• Survey costs (£300-£1,500 depending on type)
• Mortgage arrangement fees (£0-£2,000)
• Stamp Duty (if applicable – use our calculator)
• Valuation fee (sometimes free)

Debt consolidation combines multiple debts (credit cards, store cards, overdrafts, existing loans) into one new loan. We find you a lower interest rate, you borrow enough to pay off all your existing debts, and then make one monthly payment to the new lender. This simplifies your finances and can reduce your monthly outgoings.

It can be if you secure a lower interest rate than your current debts and commit to not running up new debts. Benefits include one monthly payment, potentially lower interest, and reduced stress. However, extending the term could mean paying more interest overall. We'll help you weigh the pros and cons.

Yes. We have lenders who specialise in debt consolidation for those with poor credit. A secured consolidation loan (using your home) may offer better rates. Alternatively, a guarantor loan could be an option. We'll search the market for solutions that fit your circumstances.